Blockchain Startup Data Gumbo Raises $4M USD In Series B Funding

Blockchain, Investing, News | September 25, 2020 By:

Blockchain-as-a-Service (BaaS) platform Data Gumbo has raised $4 million in its Series B funding round led by new investor venture capital company L37, with return investments from Equinor Ventures, the venture subsidiary of Equinor, and Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco. Data Gumbo’s funding totals $14.8 million to date.

Headquartered in Houston, Texas, Data Gumbo provides industry with a trusted transactional network to automate contract execution for tomorrow’s leaders through GumboNet, a massively interconnected blockchain network. With integrated real-time capabilities that power smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with “unprecedented speed, accuracy, visibility and transparency.”

Data Gumbo will use the latest funding to mature GumboNet in support of capturing increased market share across asset-heavy and capital-intensive industries including oil & gas, construction, mining and manufacturing.

“Time is of the essence to capitalize on greatly increased demand for our network, and we’re making key hires to support our growing commercial success and market penetration in oil & gas and adjacent industries,” said Andrew Bruce, CEO and Founder of Data Gumbo. “This funding will solidify Data Gumbo’s leadership position realizing transactional certainty through smart contracts. We are thrilled to partner with L37 and their expert team to apply our network to solve problems and generate value for our customers in this considerably difficult environment.”

Kemal Farid, a Partner in L37, said that Data Gumbo is the category leader for industrial smart contracts, which is an inevitable next step in digital transformation of the oil and gas industry.

“There is a lack of transparency, visibility and accuracy between counterparts of contracts that increases the costs of doing business and this has been greatly exacerbated by the current business landscape,” Farid said. “We look forward to applying our experience to propel the company along its journey to bring transactional certainty and cost efficiency to commercial relationships.”